Christian Credit Counselors Blog

Credit Counseling Quickens the Payoff Date

Experts say paying off a credit card balance of just $2,000 takes some people as much time as it takes to raise a child. If you don’t want to spend a lifetime in debt, consider Christian credit counseling to examine positive solutions. According to a recent piece by nypost.com, making minimum payments on your credit card often leads to misery. By consolidating debt through a reputable company such as Christian Credit Counselors, you reduce interest rate, eliminate fees and speed up the payoff process by decades. To pay off debt in less time, adopt some of the strategies that have worked for hundreds of other consumers.

Getting off a debt treadmill to nowhere

According to the New York Post, paying just the minimum on a credit card bill is like getting on a treadmill to nowhere. With a $2,000 credit card balance and an 18 percent annual rate, consumers paying the minimum of 2 percent or $10 would not have the debt paid off until three decades later. What’s even more tragic is the fact that the consumer will have paid almost $5,000 in interest charges over the 30 years.

Improving your credit score

Even if you don’t plan to ever use credit cards in the future, there are many reasons why it pays to have a good credit score. Your FICO credit score could affect your ability to get a job in certain fields or pass a credit check for renting a home. By receiving Christian credit counseling, you find out the best strategies for boosting your credit score.

Relying on Financial experts instead of friends

Some people listen to advice from friends or family members who have never received financial training or education. By talking to certified credit counselors, you have greater confidence in the process. If you keep doing what you are doing, it could take 30 years to get out of debt. A certified credit counselor with Christian Credit Counselors will give you a complimentary debt analysis that you can use to improve your financial situation. As a bonus, you know Christian counselors also provide you with prayer support and other resources.

At Christian Credit Counselors, we want to introduce you to a debt management plan that cuts your interest rate, reduces your pay off time as well as your monthly payment so you no longer owe anything to your creditors. Let us do the negotiations for you. We have many success stories as well as a history of helping consumers avoid bankruptcy and debt settlement scams that ruin credit. Some people get out of debt 80 percent faster than with other plans.

Do you want to know more about debt and how you can make smart financial decisions now that will help you secure a more prosperous financial future? Sign up for our newsletter for monthly money tips.